LG Subsidiary Launches Enterprise Blockchain Platform ‘Monachain’

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The IT subsidiary of electronics giant LG has launched its enterprise blockchain platform that can be applied in a number of sectors including finance and manufacturing.

Dubbed ‘Monachain’ by LG CNS, the in-house enterprise blockchain platform will reportedly focus its applicability in digital authentication, digital supply chain management, and digital currency, according to a Korea Times report.

Curiously, Monachain also enables participants to create their own digital currency wallets, a feature that can see local governments issue local currency and welfare payments to end users on a blockchain LG CNS said. Further, the LG group arm revealed it is working toward a community banking infrastructure with commercial banks, enabling them to issue and distribute digital currency through a blockchain platform, a Yonhap news report revealed.

The company added in a statement:

Even further, Monachain can help business owners boost productivity as the company provides a digital supply chain management system that enables suppliers to manage the entire production processing efficiently.

Monachain uses a decentralized identifier to enable verifiable digital identity wherein participants in the blockchain will be able to self-verify their identity over a smartphone before making a payment or remittance.

As reported previously, LG CNS first announced details of its first enterprise blockchain in mid-2017. The platform is based on Corda, a permission distributed ledger software developed by global banking blockchain consortium led by New York-based industry firm R3.

Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email: [email protected]